MerchantCoin Incentivizes Bitcoin Adoption

Journalist:
September 3, 2014

Most bitcoiners seem to be pursuing their own unique methods of increasing global bitcoin adoption. There are those who simply educate the merchants they frequent on the benefits of Bitcoin; on the other side of the coin, there are those who are planning on distributing bitcoins to an entire island nation.

And now with MerchantCoin making an appearance on the scene, there’s an actual cryptocurrency, altcoin to some, whose express goal is to increase Bitcoin adoption.

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MerchantCoin is the first digital currency whose sole purpose is to facilitate worldwide adoption of Bitcoin by incentivizing merchants with MerchantCoin “XMC” tokens, which will launch on September 30. Today, MerchantCoin announced that they have incorporated in Zug “Crypto Valley” Switzerland.

“We are very proud to announce our incorporation in Zug, Switzerland and association with other members of the Crypto Valley Community,” said Maya Babish Director of Communications for MerchantCoin.net

MerchantCoin says that they drive Bitcoin adoption “through a unique set of incentive programs that motivate and empower people in their local market with promotional and educational materials that highlight and explain the value of bitcoin transactions.”

Merchant Incentives

The program involves what MerchantCoin describes as a groundbreaking approach to facilitating customer and commercial use of Bitcoin where both the merchant and the referring partner, or “advocate,” who introduces new business to MerchantCoin are incentivized. Through what’s referred to as “proof-of-commerce,” once a business registers with the company, and after they complete a Bitcoin transaction of at least $25, both the new merchant and the advocate receive a reward in the form of XMC tokens.

By promoting a positive image of Bitcoin and providing critical support to the entire cryptocurrency ecosystem through incentives to both consumers and merchants, MerchantCoin will become an accelerant for the fiery adoption of bitcoin on a global basis,

said David Johnston, a MerchantCoin board member who has previously supported the ecosystem by putting up $1,000,000 in prizes for the Texas Bitcoin Conference Hackathon.

MerchantCoin has even rolled out a “Social Media Mining Program,” where advocates can earn XMC by simply sharing or retweeting MerchantCoin updates on FaceBook or Twitter, or by informing the public at Bitcoin meetups. Starting now and leading up to their official coin launch on September 30, you can head over to their site and register as an advocate to earn ten free XMC, and earn 100 XMC by completing various social media tasks.

According to the MerchantCoin site, “Up to 120 million MerchantCoin tokens “XMC” will be issued through a crowd sale. Following the launch, new MerchantCoin tokens “XMC” are added to the available supply through “Proof of Commerce” when a business agrees to accept Bitcoin by registering and acquiring a MerchantCoin Wallet and completes a Bitcoin transaction valued at a minimum of $25 US. The process by which new “XMC” tokens are placed into the available supply “Merchant Mining” was developed by the MerchantCoin and provides a new paradigm for cryptocurrency mining.”

Merchants interested in participating can register on the MerchantCoin site here, and those interested in becoming an advocate can register here.

It’s a new take on increasing crypto adoption – that’s for sure – and innovative techniques such as this hardly seem like a bad thing; more refreshing than anything. It’s nice to see that so many people are investing resources into increasing adoption. Whether it will catch on is another story… Many in the community might seek additional justification for a crowd sale.

Image courtesy of MerchantCoin Twitter

Featured image from Shutterstock.

Last modified (UTC): September 3, 2014 08:17

Taylor Tyler @taylortylerr

Journalist focusing on politics, cryptocurrencies, privacy and current events.